Half Truth # 6
The Secret Time Bomb
Most business owners never see this one coming. The reason is simple and it's even understandable. After all, how many times have you read EVERYTHING contained in a contract, especially when you feel the details were already discussed and understood. Wisdom tells us that we should always read our contract, but the fact is we often do not. Merchant Service companies count on this so they can position their new client for one of the most common rip offs in the industry. Here is how it works. Because most customers looking for service are mesmerized by THE RATE they often sign the contract once they think they have secured a good one. What they fail to see in the fine print is that after 6 months those great rates go up automatically (something they forgot to read). Next to slipping in a rate increase when Visa gives a global increase, this is one of the most popular rip offs on the market today.
The Cure #6
The No Surprise Solution
If you want your customers to trust you there needs to be trustworthy where it counts most, in the fine print. If you ever find techniques like the "time bomb" being used against you, you should immediately commit yourself to changing service providers as soon as your contract allows. If they will treat you like a fool in the fine print they will do it any other time they can also. With Phil Herrington “The Credit Card Guy”, I welcome you to read EVERYTHING in my contract, I believe in the naked truth which means I am going to tell you the things you don’t know to ask as well as the things you do. You won't find anything we have not discussed; especially things like hidden rate increases that are tucked away in the smallest fonts available. This is not good business and it's a pure rip off.